At one of acquisition expedient, the manager and the staff employee of enterprise and business section, from existing owner (shareholder and parent company) buying stock or business property the continuation of particular business as a prerequisite, those which acquire right of administration. Is not the management and in case of the employee, also EBO (employee buy-out) is called.
Roughly classifying, into if the case where the management of the subsidiary company and the patsy of business section do separation independence (you see from parent company, to separate) and the case which is used in business continuation of small-to-medium-sized enterprise of middle standing it is divided. When destruction it is it is it is utilized in business playback of enterprise, it is.
Big business planning being slim of management, when it tries to implement "selection and centralization", it means to separate the business whose main business and the synergy are thin and the business whose investment precedence is low, but at that time, reliance you can put not to be the third party you can say that the sense of relief that is one of the merits, it is sold in "the companion". In addition, if even with when buyer candidacy is difficult to suppose at the external business company, there is a desire in the business patsy, annoyance is put on the existing customer with business clearing off, restructuring can be promoted without withdrawal cost being generated.
Considering the possibility of maintenance and the redemption of related characteristic, sale side does not release all stock and it continues possesses part stock, makes the various new shareholders participate and/or, also the fact that degree of freedom of capital policy is high is advantage.
For the management side which it purchases, the parent company post company "it binds and" is gone and movement management becomes possible. In addition because the self becomes the shareholder, incentive to growth strengthens. Usually continuity of business to be seriously considered, lumping together also the management resource of the talent and the customer and trade right, etc. because it is taken over, employment is protected very in the employee, the point that probably is the merit method and enterprise natural features of the work which becomes accustomed are maintained.
As for the fund which buys enterprise because with investment just of the management the case which becomes insufficient is many, being joint with investment fund, financing from the financial institution it is general to maintain collectively. When the management cannot prepare fund at purchase point in time, there is also a scheme which guarantees future management having amount by stock option. As for the subscriber for the capital gain of the stock release sale due to the fact that value of the enterprise which is bought improves aims.
Bank loan is included in purchase fund (the lever ledge has been attached) when,you callLBO. With primary meaning, "the purchase with the management" with MBO, "the purchase where the lever ledge is attached" is LBO, but proper use and definition of such terminology seem that differs depending upon the person. Generally as for LBO matter (in extent whose lever ledge is necessary) with large-sized matter, MBO scale is smaller.
When actually, also the matter which has MBO/LBO both characteristic is many, especially shows the even ?????? MBO you call. In addition, the pattern which sends the new management vis-a-vis the enterprise which MBO fund purchasesis calledMBI.
The word, MBO originally being something which is started using the occasion where the three eye of the English venture capital introduces LBO of the American appearance, was named from the presence of the existing management and the fact that it seriously considers incentive. Among England and US there is many MBO, in the United States it seems that is many LBO, but at the time of LBO boom of the eighties there is bad image because, it has reached the point where the name, KKR of American major LBO firm MBO is used.
????????????? 1997 in the start, establishment of ????? fund has started in US. Exactly, this time inferior claim processing, the IT bubble of the bank and connection balancing of accounts concern etc. of enterprise is a background, MBO number of cases, both the purchase amount per 1 case have increased.
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